CloakCoin Implements ‘Major Overhaul’ to Improve Reputation

CloakCoin, a privacy-centric altcoin launched in 2014, has announced a “major overhaul and reconstruction” to improve its reputation and facilitate anonymous cryptocurrency transactions.

Disclaimer: This article is sponsored by Bitcoin PR Buzz.

CloakCoin: Former Pump and Dump Scam Now Wants Legitimacy

This cryptocurrency was originally created as a fraudulent pump and dump scheme. Launched on June 3, 2014, the currency quickly reached a market cap of more than $5 million USD. However, the original developers never delivered on their promises, and the value of the coin dropped dramatically as soon as investors realized the project was a fraud.

After the original developers disappeared, the community that grew around CloakCoin’s hype took over the project and set out to make the coin what it was promised to be.

Cashmen, a community leader, told press that new developers have totally rebuilt CloakCoin in an effort to…